It’s time for open shop companies to level the playing field.
WHO WE ARE – Benefit plan consultants and third-party administrators to the construction industry
Established in 2001, Direct Retirement Solutions, located in Albany New York provides specialized bona fide benefit plan services to open shop (non-union) construction companies that are subject to the Davis-Bacon Act, Service Contract Act or state prevailing wage regulations. Our clients are located throughout the United States and range in size from 10 to 3000 employees.
WHAT we do – We help our clients increase profits, bid more competitively, and make their employees more financially secure. A true Win-Win!
By moving prevailing wage fringe dollars out of payroll and into bona fide benefits our clients save by reducing payroll related cost such as FICA, Workers Compensation, and Liability Insurance. To see how much you may be able to save visit our savings calculator.
HOW we do it – We sponsor and administer The Government Contractors Benefit Trust
Fringe benefit contributions are made to the trust fund each pay period and credited to the account of each of your employees. Regular statements as well as an online portal are available to you and your employees so that they can see when contributions and benefit payments are made.
We custom design each client’s plan to maximize savings, insure compliance and provide flexible tailored benefits to your employees. Benefit offerings can include medical, dental, vision, life and disability insurance, health savings account, vacation and holiday pay, apprentice training, supplemental unemployment and retirement plan benefits. Funds can be held in reserve to pay for benefits during periods of layoff.
We work with your existing insurance coverage and brokers. We do not sell any insurance or financial products.
See this sample GCBT Plan Design to see how we can customize a plan to your needs.
SAFETY and SECURITY – Independent trustee, insurance, bonding, audit, government oversight, and our team
- Independent Trustee: Chemung Canal Trust Company. $1.5 billion financial services holding company and commercial bank headquartered in Elmira New York.
- Bonding: Employee dishonesty and ERISA Fiduciary dishonesty
- Insurance: Professional liability for Plan Administration and Investment Advisory
- Audit: Although not required, starting in 2015 the trust will have an annual audit performed by an independent CPA firm
- Government Oversight: Bona fide benefit plans are subject to United States Department of Labor oversight. The Trustee is subject to federal banking regulations along with oversight by the New York State Department of Financial Services.
- Our Team: Compliance is at the very heart of our core values. All members of our trust services team continually receive extensive training and all work products are reviewed. All of our procedures and operations are extensively documented and reviewed continually.
WHY you need an expert
Bona fide prevailing wage benefit plans require an understanding and application of a multitude of rules and regulations. The Employee Retirement Income Security Act (ERISA), IRS rules, the Davis-Bacon Act and state prevailing wage regulations must be carefully coordinated to preserve the compliance integrity and tax advantages of a plan. Direct Retirement Solutions understands the complexities and ramifications of not only designing a plan, but also administering it in a way that makes it easy for you. Our fees are competitive and our results are proven.
WHAT we offer
A personalized approach
- We carefully evaluate your company’s situation, including your existing amount of public work, to determine what type of prevailing wage plan is appropriate – and then we design it
Full-service plan administration
- Processing of health & welfare insured benefits and cash benefits
- Insured benefit options include:
- group life & disability insurance
- Other benefit options include:
- vacation & holiday pay (paid time-off benefits)
- supplemental unemployment benefits
- training (apprentice, safety, job training)
- health savings account (HSA)
- Insured benefit options include:
- Benefit banking for insurance premiums during seasonal layoffs
- Seamless integration between the bona fide health & welfare plan and the retirement plan allowing for discretionary company contributions for owners and key employees
Outstanding service and communications
- A real person answers the phone
- Accurate and timely statements (mailed or online)
- Regular meetings with your employees (group and one-on-one)
- Secure web portal to account information for employers and employees
- Unlike our competitors, there is never a transaction charge, tax form preparation charge, enrollment meeting charge or processing fees
- We charge a straight percentage of the fringe dollars contributed to the Government Contractors Benefit Trust and a small one-time setup fee
We also provide audit & investigative assistance
We stand behind our work so when your construction company has to deal with inquiries, audits and investigations from regulatory agencies, we can do most of the heavy lifting in terms of administrative requirements – at no additional cost to you. You can count on us to:
- Provide plan documents & records
- Answer questions
- Supply data
- Verify calculations
We’ve worked on many such projects for our clients, and have documented success in expediting the resolution of these matters.